金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上昨夜今晨的财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及 政策更新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 AI算力需求爆发，全球电网投资升级特高压产业高景气 AI算力需求爆发式增长，对全球能源基础设施提出挑战。全球数据中心耗电量递增，预计2030年将达 945太瓦时。为保障数据中心能源需求，全球加大电网建设，中国走在前列，"十五五"期间电网投资有 望达4万亿以上。国内特高压建设加速，国家电网建成多项工程，多家公司中标。特高压公司业绩改 善，部分公司营收和净利润增长，还积极"出海"拓展市场。 详情>> 中国ETF规模破6万亿，35只产品年内净流入超百亿 2025年12月26日，中国ETF总规模突破6万亿元，年内增加2.29万亿元，同比增超60%。从发展历程看， 市场从低速增长到爆发式增长。产品结构日益多元，宽基ETF主导规模榜，黄金ETF成规模增长王。35 只ETF年内净流入超百亿，港股与债券资产获资金青睐。年内8只ETF涨幅翻倍，科技主题领涨。"ETF 千亿俱乐部"扩 ...

Core Viewpoint - The global precious metals market experienced a historic surge, with silver rising by 10% to a peak of $79.405 per ounce, marking an annual increase of over 170%, while gold reached a new high of $4549 per ounce [1]. Price Movements - Platinum prices increased by 10.39% to $2459.50 per ounce, with a year-to-date rise of 172.07% [1]. - Lithium gold rose by 11.69% to $1925.00 per ounce [1]. - London silver reached $79.329, up 10.47%, with a year-to-date increase of 163.59% [1]. - London gold was priced at $4532.505, reflecting a 1.19% increase and a 72.72% rise for the year [1]. - NYMEX platinum surged by 11.84% to $2513.90, with a year-to-date increase of 176.13% [1]. - NYMEX lead rose by 14.04% to $2060.50, with a year-to-date increase of 126.55% [1]. - COMEX gold was priced at $4562.00, up 1.31% with a year-to-date increase of 72.85% [1]. Market Dynamics - The recent surge in silver prices is attributed to a combination of factors, including a loose monetary environment, geopolitical risks, and increased industrial demand, particularly from the solar energy and electric vehicle sectors [1][18]. - The World Silver Association reported a continuous supply shortage in the market, with a projected cumulative shortfall of approximately 25,500 tons from 2021 to 2025 [18]. - The dual logic of short-term liquidity driving prices and long-term structural shortages, alongside rising gold prices, has contributed to the current bullish sentiment in the silver market [18]. Investor Behavior - There has been a notable increase in retail investor activity, with reports of significant profits from silver investments, indicating a speculative frenzy [14][16]. - Some investors are expressing concerns about the sustainability of the current price levels, suggesting that the rapid increases may lead to demand suppression and potential price corrections [18].

人民财讯12月27日电，本周贵金属价格频频创出新高，引领了年末行情。当地时间26日，是美国传统节 假日后的首个交易日，贵金属黄金、白银、铂金再度迎来全线大涨，刷新历史纪录。 在美元持续走软的背景下，黄金市场本周受到地缘政治风险升温的支撑持续保持强劲走势。近期，美国 针对委内瑞拉的石油制裁和对该国石油贸易封锁升级。诸多不确定性因素显著提升黄金的避险吸引力。 黄金流动性外溢效应、美元走软以及供应紧张等因素还带动铂金、钯金等贵金属价格飙升。铂金期货价 格本周飙升至历史新高，首次突破每盎司2400美元大关，全周涨幅超22%，钯金期价上涨约13%，达到 2023.3美元/盎司，创三年多来的最高水平。 ...

Group 1 - Bitcoin experienced a decline of nearly 2% over a 24-hour period, trading at approximately $87,404, and has dipped close to 1% over the past week and 4% over the past month [1] - Ethereum and XRP also saw declines, with Ethereum dropping over 2% to nearly $2,927 and XRP priced at $1.85, both significantly below their all-time highs by 41% and 49% respectively [2] - Bitcoin reached a record high of $126,080 in October, but has faced investor fatigue and a significant crash that resulted in $19 billion in liquidations, leading to a year-to-date decline [3] Group 2 - Precious metals like gold, silver, and platinum have reached new highs due to geopolitical factors and the debasement trade, while US equities have also hit record closing highs [4] - Despite initial optimism for Bitcoin in 2023 due to supportive policies from President Trump, liquidity issues have hindered its performance, although some analysts predict a potential rally in 2026 [5] - Observers suggest that Bitcoin's typical four-year cycle may have ended, and despite fears of a drop in 2026, the asset class is expected to deliver returns next year [6]

Core Viewpoint - The global precious metals market is experiencing a significant bull market driven by multiple factors, with prices reaching historical highs by Q4 2025, presenting both opportunities and challenges for market participants [1][3]. Group 1: Driving Logic - The bull market in precious metals is a result of three main factors: the restructuring of the global monetary credit system, historical mismatches in supply and demand, and advancements in trading technology [2][3]. - The first factor involves the interplay between the reconfiguration of the global monetary system and the rise of protectionism, leading to a depreciation of currency purchasing power relative to physical assets, with gold being revalued as a key asset against inflation and geopolitical risks [3]. - The second factor highlights the shift of silver from a precious metal to a strategic key mineral, driven by increased demand from the photovoltaic industry and technological advancements that raise silver consumption in solar cells [3]. - The third factor emphasizes the diversification of market participants and the complexity of trading instruments, which allows for global resonance in response to market changes [3]. Group 2: Behavioral Finance Perspective - The acceleration in precious metal prices can be understood through behavioral finance, where market mechanisms react to paradigm shifts, leading to rapid price corrections [4][5]. - The "anchoring effect" becomes ineffective as prices break through historical highs, allowing for a new price discovery phase characterized by high premiums [5]. - The reversal of the "disposition effect" occurs as traders, fearing missing out, hold onto positions rather than selling early, leading to forced short-covering that drives prices higher [5][6]. - The "representativeness bias" accelerates market consensus formation, as traders begin to view rapid price increases as the new norm, leading to a swift transition from skepticism to certainty [6]. Group 3: Rational Response Strategies - Market participants are advised to avoid trying to predict market tops and instead focus on maintaining a trend-following discipline while implementing dynamic profit-taking strategies [7][9]. - Dynamic profit-taking is essential to protect gains while allowing for continued participation in upward trends, with strategies involving trailing stop-loss orders [9]. - Utilizing non-linear tools, such as buying out-of-the-money put options, can help manage risk while preserving core positions, aligning with the investment philosophy of cutting losses and letting profits run [9]. Conclusion - The precious metals market in 2025 reflects long-term changes in monetary credit and industrial structure, requiring traders to understand macro narratives and respect market mechanisms while adhering to disciplined risk management practices [11].

Core Insights - The global precious metals market is experiencing a significant bull market driven by multiple factors, with gold, silver, platinum, and palladium prices seeing substantial increases [2][3] Group 1: Market Dynamics - Precious metal prices are expected to accelerate and reach historical highs by Q4 2025, presenting both opportunities and challenges for market participants [2] - The current bull market is characterized by a complex interplay of three main factors: the restructuring of the global monetary credit system, historical mismatches in supply and demand, and advancements in trading technology [3] Group 2: Driving Factors - The first factor is the reshaping of the global monetary credit system and the rise of de-globalization, leading to a dilution of currency credit and a re-evaluation of gold as a core asset against inflation and geopolitical risks [3] - The second factor involves a historical mismatch between industrial demand and supply-side vulnerabilities, particularly for silver, which is transitioning from a precious metal to a strategic key mineral due to increased demand from the photovoltaic industry [3] - The third factor is the integration of global markets and the upgrade of trading technologies, resulting in a more diverse participant structure and the use of complex derivatives [3] Group 3: Behavioral Finance Perspective - The acceleration in prices can be understood through behavioral finance, where the failure of the anchoring effect and the transition to new price discovery levels lead to rapid market adjustments [4][5] - The reversal of the disposition effect and the strengthening of liquidity during a strong upward trend contribute to the market's ability to correct mispricing through forced short covering [4][5] Group 4: Strategic Responses - To navigate the accelerating market, it is crucial for traders to avoid guessing market tops and instead follow a disciplined dynamic profit-taking strategy [6][7] - Maintaining a trend-following approach and executing dynamic stop-loss strategies are essential for protecting profits while allowing participation in ongoing market movements [6][7] - Utilizing non-linear tools, such as buying out-of-the-money put options, can help manage risks effectively while retaining core positions [6][7]

欢迎加入交易理想国知识星球 文 | 交易理想国知识星球 编辑 | 杨兰 审核 | 浦电路交易员 看看现在的白银租赁利率曲线，似乎也在暗示着什么：年底前的短期利率很低，但跨年到明年初的利率却明显升高。这说明市场预期，明 年初的现货可能会非常紧张。10月之后，伦敦仓库的白银库存确实增加了2600吨，但这些很多是从纽约、上海"搬"过去的。明年1月，伦敦 多出来的这2600吨，够不够应对可能的集中归还需求？这出"现货逼仓"的大戏，会不会在伦敦再次上演？这无疑是开年最大的看点。 价格疯涨，背后是比价逻辑的全面重构 白银涨这么猛，一个直观的表现就是"金银比"大幅下滑。今年4月，金银比还处在104的高位（意思是一盎司黄金能换约105盎司白银），如 今已经跌到了64附近。这回归速度，堪比坐过山车。 本周（2025年12月22日--12月26日）交易理想国知识星球共发布37条内容，以下是筛选出的本周精华内容片段摘要，完整版内容可扫码查看。 白银：逼仓传闻与疯狂溢价的真相 开 年大戏：伦敦会不会上演"现货逼仓"第二季？ 经历了疯狂的12月，大家自然把目光投向了明年1月。明年1月，白银的主战场可能不在纽约，而在伦敦。 今年白银市场 ...

Group 1: Market Overview - The traditional Christmas holiday period has led to low volatility in markets, but this year is different due to heightened risk aversion and supply-demand imbalances in the precious metals market [1] - The U.S. stock market remains stable despite strong GDP performance, with the 10-year Treasury yield hovering around 4.17%, indicating that current monetary policy is not expected to tighten further [2] - Concerns over the AI bubble and its impact on tech stocks have dampened short-term momentum for these assets, with the VIX index near yearly lows [2] Group 2: Precious Metals Performance - Precious metals like gold and silver have reached historical highs, driven by investor demand amid expectations of Federal Reserve rate cuts and geopolitical tensions [5][6] - Gold prices have surged, with forecasts suggesting it could reach $5,000 by the end of 2026, supported by central bank purchases and a trend towards de-dollarization [5] - Silver has seen significant price increases, attributed to both safe-haven demand and structural growth in industrial applications, particularly in electric vehicles and solar panels [6] Group 3: Company-Specific Insights - Oracle's stock has dropped 30% this quarter, heading towards its largest quarterly decline since the 2001 internet bubble, following disappointing revenue and cash flow results [3] - Oracle plans to invest $50 billion in capital expenditures by FY2026, a 43% increase from previous plans, raising concerns about its ability to meet these obligations without renegotiating contracts [3] - The AI sector's heavy investment and poor returns have led to a significant increase in perceived risk, with 45% of fund managers identifying the AI bubble as a major market risk [5] Group 4: Supply and Demand Dynamics - The silver market has been in a state of supply-demand imbalance since 2021, with increasing demand from energy transition technologies [6][7] - Platinum and palladium prices have surged due to tightening supply and uncertainty in tariff policies, with platinum prices up approximately 176% this year [7][8] - The market for platinum and palladium is smaller than that of gold, leading to greater price volatility with minimal investment shifts [8]

2 6日国际贵金属价格强势上涨 本周金银价格均累计显著上涨。 当地时间周五，是美国传统节假日后的首个交易日，市场正处于年末与新年交汇的低流动 性环境。受非必需消费品板块以及能源板块下跌的拖累，美国三大股指收盘微跌。其中， 道指下跌0 . 0 4%，标普5 0 0指数下跌0.03%，纳指下跌0.09%。公司方面，芯片制造商英 伟达股价周五收涨超1%，此前有消息称，公司同意以2 0 0亿美元收购人工智能芯片公司 Gr oq。同一天，欧洲多国股市因节假日继续休市。 本周美国三大股指累计上涨超1.2% 本周，受传统节假日影响，美国股市仅有三个完整交易日，最新发布的强劲经济数据稳定 了投资者对于企业盈利前景将持续扩张的信心，市场风险偏好得到提振，利好科技股，也 带 动 三 大 指 数 全 部 累 计 上 涨 。 其 中 ， 道 指 累 计 上 涨 1.20% ， 标 普 5 0 0 指 数 累 计 上 涨 1 . 4 0%，纳指累计上涨1.22%。 2 6日国际油价下跌 本周仍累计上涨 2 6日国际贵金属价格强势上涨 本周金银价格均累计显著上涨 贵金属市场上，市场押注美联储明年将继续实施宽松货币政策，美元指数跌至两个多 ...

纽约商品交易所黄金期货市场交投最活跃的2026年2月黄金期价26日上涨59.2美元，收于每盎司4562.0美 元，涨幅为1.31%。 受避险需求增加和看涨技术指标拉动，黄金、白银价格当日再创历史新高。其中2月黄金期货价格一度 达到每盎司4584.0美元，3月白银期货价格突破每盎司79美元。 COMEX白银主力合约大涨11.15%，这意味着在日线图上，其价格呈直线上升。有分析人士认为，从时 间角度来看，这种价格走势不可持续，表明短期或中期市场顶部即将到来。 分析人士说，白银相对强弱指数（RSI）目前的RSI读数为93.86，是自1980年1月以来的最高值，已严重 超买，当时RSI曾创下98.77的历史最高纪录。任何高于70.0的RSI读数都表明市场上涨过度，即将出现 回调修正。 本周纽约商品交易所黄金期货相对强弱指数也创下历史新高，达到95.94。黄金RSI历史第二高值出现在 1980年1月，当时达到94.69。 铂金价格也呈飙升态势。避险情绪推动铂金价格上涨，地缘政治紧张局势升级以及近期美元走软也起了 推波助澜的作用。美国封锁委内瑞拉油轮并加大对马杜罗政府的压力，加剧了地缘紧张局势，也提升了 铂金的避险吸引力 ...